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European Gas Rises to Record 100 Euros as Energy Crunch Worsens By Bloomberg

by Mike Robinson

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© Reuters. European Gas Prices Rise to Record 100 Euros in the Face of Worsening Energy Crunch

(Bloomberg) — European gas prices climbed to a record 100 euros as the global energy crunch deepened.

After China placed orders to its state-owned businesses, futures in the Netherlands rose 2.3% after it ordered them to purchase supplies for winter. Flows from top supplier Russia into Germany’s Mallnow compressor station also dropped.

As the world recovers from the pandemic, energy prices have risen in the U.S. and Europe. Europe has depleted its stockpiles and is having difficulty obtaining enough gas or coal to meet the demands of winter.

“Gas can go now as high as it needs to knock demand out,” said Andreas Gandolfo, leader of the European power team at BloombergNEF. “Demand is now driving the gas price.”

The Dutch gas futures rose to 100 Euros per megawatt-hour before plummeting 0.8% at 8:07 AM in Amsterdam.

 

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